Coinbase wins OCC nod to become a national trust bank, joining Ripple, Fidelity

Coinbase has secured conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust charter, advancing its efforts to operate under a federal regulatory framework, the company announced Thursday.

The milestone places Coinbase alongside other crypto companies conditionally approved for national trust charters, such as Ripple, Fidelity Digital Assets, Paxos Trust Company, BitGo Bank & Trust, and First National Digital Currency Bank. The firm said the charter will strengthen oversight of its custody operations and enable expanded institutional offerings.

The charter focuses on custody and market infrastructure rather than retail banking, and will complement its existing state-level licenses as it completes the OCC’s requirements for full approval, according to Coinbase.

“We are proud of what this milestone represents, not just for Coinbase, but for an industry that has worked hard to demonstrate that innovation and accountability are not in conflict,” said Greg Tusar, Coinbase Institutional’s co-CEO. “We look forward to working closely with OCC staff through the conditions of approval and to continuing to build a financial system that works better for everyone.”

Final approval remains contingent on meeting regulatory conditions, including organizational and compliance milestones.

This is a developing story. Please check back for further updates.

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